Osborne admits UK Banks ran Ponzi Schemes

I missed this key passage from George Osborne’s speech to Tory conference:

“The banks and those regulating them believed that the bubble would never stop growing, that markets were always self- correcting, that greed was always good, that their Ponzi schemes would never collapse, and that none of the debts would ever turn bad.
They let down their customers, they let down their shareholders, and they let down their country.”

Bizarrely, no one seems to have picked up on this. Ponzi schemes are of course fraudulent scams.